Overdraft Justice

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Here’s a tidbit of good news:

Wells Fargo & Co. should pay about $203 million to customers who say the bank manipulated debit-card transactions without their knowledge to increase revenue from overdraft fees, a federal judge ruled….Wells Fargo changed the way it treated customers’ daily debit transactions and cash withdrawals in December 2001, according to the lawsuit filed in 2007. Transactions with the highest dollar amount posted first, rather than in the order they occurred.

I’m pretty sure this is the result of a suit brought against Wachovia, which was purchased by Wells Fargo a couple of years ago. In any case, the practice of reordering debit card transactions has been fraudulent from the beginning, and I’m glad to see a judge doing the right thing here. (More about overdraft reordering here and here.) Hopefully the award won’t get knocked down by an appellate court.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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